Baseline &   1.37*** &   2.26***  &   2.22*** &   2.24*** &   3.14***  \\
& (  0.30 ) & (  0.51 ) & (  0.53 ) & (  0.50 ) & (  0.75 )   \\
\# Obs  & 3944& 3944 & 3818 & 3692 & 3566   \\  \addlinespace \midrule \addlinespace
(1) Unexpected component $ g_{it}^u $ &   1.72*** &   3.02***  &   2.41*** &   2.74*** &   3.60***  \\
& (  0.49 ) & (  0.90 ) & (  0.72 ) & (  0.71 ) & (  0.93 )   \\
\# Obs  & 3944& 3944 & 3818 & 3692 & 3566   \\  \addlinespace
(2) Unpredicted austerity &   1.60*** &   2.73***  &   2.29*** &   2.39*** &   4.48***  \\
& (  0.50 ) & (  0.82 ) & (  0.67 ) & (  0.61 ) & (  1.17 )   \\
\# Obs  & 3776& 3776 & 3650 & 3524 & 3398   \\  \addlinespace
(3) Dropping Great Recession &   0.74** &   1.56***  &   1.67** &   2.65*** &   2.51***  \\
& (  0.30 ) & (  0.51 ) & (  0.69 ) & (  0.83 ) & (  0.76 )   \\
\# Obs  & 3062& 2936 & 2810 & 2684 & 2558   \\  \addlinespace
(4) Baseline with DK std. errors &   1.37 &   2.26*  &   2.22** &   2.24* &   3.14**  \\
& (  0.84 ) & (  1.34 ) & (  1.10 ) & (  1.26 ) & (  1.42 )   \\
\# Obs  & 3944& 3944 & 3818 & 3692 & 3566   \\  \addlinespace
(5) Including country-election FE &   0.06 &   1.86***  &   3.11*** &   3.09*** &   4.71***  \\
& (  0.05 ) & (  0.54 ) & (  0.66 ) & (  0.68 ) & (  1.47 )   \\
\# Obs  & 3944& 3944 & 3818 & 3692 & 3566   \\  \addlinespace
(6) Lagged $ s_{it} $ &   1.21*** &   2.00***  &   1.99*** &   1.98*** &   2.65***  \\
& (  0.25 ) & (  0.44 ) & (  0.47 ) & (  0.44 ) & (  0.60 )   \\
\# Obs  & 3674& 3674 & 3548 & 3422 & 3296   \\  \addlinespace
(7) IMF austerity shock $ s_{it} $ &   0.18 &   1.88***  &   1.35*** &   1.83*** &   1.87***  \\
& (  0.15 ) & (  0.44 ) & (  0.41 ) & (  0.45 ) & (  0.49 )   \\
\# Obs  & 3944& 3944 & 3818 & 3692 & 3566   \\  \addlinespace
(10) Expressing dep var to country average &   1.42*** &   2.32***  &   2.21*** &   2.24*** &   3.02***  \\
& (  0.30 ) & (  0.48 ) & (  0.49 ) & (  0.46 ) & (  0.66 )   \\
\# Obs  & 3944& 3944 & 3818 & 3692 & 3566   \\  \addlinespace \bottomrule \addlinespace
(8) Excluding capitals regions &   1.44*** &   2.27***  &   2.17*** &   2.24*** &   3.13***  \\
& (  0.26 ) & (  0.45 ) & (  0.46 ) & (  0.43 ) & (  0.67 )   \\
\# Obs  & 3731& 3731 & 3612 & 3493 & 3374   \\  \addlinespace
(9) Excluding regions in top 10\% of $ s_i $ &   1.47*** &   2.41***  &   2.15*** &   2.22*** &   2.78***  \\
& (  0.26 ) & (  0.45 ) & (  0.47 ) & (  0.43 ) & (  0.50 )   \\
\# Obs  & 3571& 3571 & 3457 & 3343 & 3229   \\  \addlinespace \bottomrule \addlinespace
